*** General *** 

The .do files produce Tables and Figures of the paper and the Online Appendix.
- Tables_replication contains the codes used to create Tables of the paper and Online Appendix. 
- Figures_replication contains the codes used to create Figures of the paper and Online Appendix. 

The .dta files are the main datasets used to produce Tables and Figures of the paper and the Online Appendix. All variables are labeled and named "transparently". Please set this folder as the working directory before running the do files.

*** Nationwide data***

Due to proprietary data restrictions, the Nationwide dataset employed in some robustness checks cannot be disclosed. The data can be requested from Nationwide to replicate Figure 4 (a) and Table C5. 
Monthly files covering transactions from 1995--2013 (not publicly disclosed by Nationwide Company) were cleaned and assembled into the dataset “nationwide_95_13.dta" (we thank Steve Gibbons for access to these data, and preliminary cleaning and assembling of the data).
The do-file “Cleaning_nationwidedata.do” shows how we obtain the dataset “nationwide_final.dta” from these original sources. 